ACCA exam tips, advice, videos and strategies. Expert sharing information knowledge from FTMSGlobal ACCA Subject Specialist to help you pass your exams.
For more info about the ACCA course, visit: ACCA Preparatory Course
Final words from F1 lecturer regarding tips before exam
Dear F1 students,
Welcome to the end of my lectures, and let me share with you once again some tips before you go for your December exams.
Like I always said in class, keep yourself fit! You must always exercise, take healthy food and rest well in order for your brain to work well.
Business and Corporate Law, Singapore Variant
The Business and Corporate Law examination consists of 10 questions all of which are compulsory. Each of them carry 10 marks and are to be done in 180 minutes. Hence you can only spend a maximum of 18 minutes per question. In order to ensure full marks for each question you will have to attempt all questions within the 180 minutes. Failure to answer all the questions will result in lesser marks available.
As it is a “all questions to be answered” paper you will have to study the contents of the whole syllabus.
As always you can expect questions to incorporate cost of capital calculations, discussions of basic financial management theory such as capital structure decisions and dividend policy, sources of finance etc.
Calculating ratios, applying the CAPM and DVM (or Free cash flow models), un-gearing and re-gearing betas etc feature in all exams.
Business and Corporate Law, Singapore Variant
Question 1 (30 marks)
Focus on Company’s Tax
- deduction of expenses
- taxability of income such as rental income, royalties, interest income etc
- capital allowances/PIC allowances/approved donations
Practice all the questions on this tax computation for Company and score as many marks as possible.
Use at your own risk
Q1 Prepare consolidated statement of financial position and/or consolidated statement of profit or loss and other comprehensive income for single subsidiary and probably with an associate, covering the following adjustments:
- determine cost of investment in subsidiary and associate
- determine fair value (with depreciation) adjustment to subsidiary’s assets
- calculate goodwill
- eliminate unrealised profit adjustment on inventory or PPE
- eliminate intra-group balances and transactions
- calculate non-controlling interest
- calculate consolidated retained earnings and other reserves
- discuss issues relating to the preparation of group financial statements
- account for change in fair value of financial asset
- FRS110/FRS103/FRS28R/FRS39
Professional ethics – Will have a question this December on identifying ethical threats and safeguards/responses. (See June 2006 Q4, June 2007 Q1a, Pilot F8 Q3, Dec 2008 Q3a, June 2010 Q4, June 2011 Q4, June 2012 Q3b).
Acceptance of a new job (could be continue an existing job) – factors to consider before accepting/continuing with an engagement. Including communication with existing auditor before acceptance. See June 2010 Q4c.
With a new job, you will need engagement letter – Purpose and content of the letter (see Pilot paper Q2a, June 2011 Q2b) plus preconditions of audit (see Dec 2010 Q3a).
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